The price of Ethereum (ETH) has seen an uptick in momentum as positive sentiment among investors has surged significantly.
Over the past 24 hours, ETH has risen by 0.3% and is currently trading at $3,080. The market cap of the asset is currently at $370 billion. However, the daily trading volume of Ethereum has dropped by 21%, reaching $17.1 billion.
Data from Santiment reveals that 69.9% of the discussions surrounding Ethereum on social media platforms are positive, while only 20.2% of investors and traders are anticipating a price decline.
Average fees on the Ethereum network have decreased by 70.6% since hitting a local high of $6.93 on April 13, currently resting at $2.03, marking an 11-week low. This decline in fees indicates a significant drop in network activity as the market experiences mixed sentiment.
Furthermore, Ethereum’s total open interest (OI) has seen a third consecutive daily decrease. According to Santiment, the total OI of the asset has fallen from $5.02 billion on April 14 to $4.83 billion at the current time. This downward trend in OI could result in lower volatility for the token, as fewer liquidations are expected.
On the other hand, the Relative Strength Index (RSI) for ETH has increased from 38 to 43 in the last 24 hours, as per Santiment’s data. This suggests that the ETH price is still stable and gradually approaching the overbought zone. To remain in a bullish state, the RSI for ETH would need to stay below the 50 mark.
For more information and updates, follow us on Google News.